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Market power and externalities are examples of a general phenomenon called market failure—the inability of some unregulated markets to allocate resou… - Greg Mankiw
" "Market power and externalities are examples of a general phenomenon called market failure—the inability of some unregulated markets to allocate resources efficiently. When markets fail, public policy can potentially remedy the problem and increase economic efficiency. Microeconomists devote much effort to studying when market failure is likely and what sorts of policies are best at correcting market failures. As you continue your study of economics, you will see that the tools of welfare economics developed here are readily adapted to that endeavor. Despite the possibility of market failure, the invisible hand of the marketplace is extraordinarily important.
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About Greg Mankiw
Nicholas Gregory Mankiw (born February 3, 1958) is an American economist and the Robert M. Beren Professor of Economics at , best known in academia for his work on New Keynesian economics.
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Alternative Names:
Nicholas Gregory "Greg" Mankiw
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N. Gregory Mankiw
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Gregory Mankiw
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N. G. Mankiw
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Nicholas Gregory Mankiw
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Additional quotes by Greg Mankiw
Which brings us to a third group of macroeconomists: those who fall into neither the pro- nor the anti-Keynes camp. I count myself among the ambivalent. We credit both sides with making legitimate points, yet we watch with incredulity as the combatants take their enthusiasm or detestation too far. Keynes was a creative thinker and keen observer of economic events, but he left us with more hard questions than compelling answers.
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